Arman Shirinyan
Shiba Inu is gaining traction among whales, but still not enough for another rally
contents
- SHIB on-chain and market data
- Shiba Inu Market Development
Following the unexpected but long-awaited listing of Shiba Inu by trading platform Robinhood, whales’ activity towards the coin gradually increased as interactions with the token surged in addition to buying activity, according to WhaleStats.
SHIB on-chain and market data
As the token’s page on the wallet tracker suggests, whales were actively buying the token, leading to increased usage of Shiba Inu’s smart contract, making it the most widely used smart contract among the 2,000 largest Ethereum wallets.
Alongside the high usage, the market and on-chain metrics for Shiba Inu are also increasing, with the average whale address balance rising to 2.36 SHIB tokens and volume increasing by 436% to reach $53 million.
Source: WhaleStats
The more important increase is Shiba Inu net flow to whale addresses, which is up almost 500%, suggesting that more tokens have flowed into whale wallets than out, indicating the short- and medium-term bullishness of large investors.
Both whale address volume and balances are also key metrics, showing generally positive sentiment among large buyers. Positive trends are also reflected in the value of Shiba Inu holding, which recently rose to $1.3 billion and an old competitor, FTX token, with $1.1 billion worth of tokens owned by whales in second place.
Shiba Inu Market Development
Unfortunately for its investors, SHIB fails to recoup at least a small portion of the losses it has suffered since November 2021. At press time, Shiba Inu is trading at $0.000025, which is well below the ATH of $0.000088.
After the big news about Robinhood’s listing, SHIB gained about 24% of its value, which wasn’t even enough to break out of the 100-day consolidation channel.